GBPUSD With a Minor Bullish Pullback
The price action of the GBPUSD is currently establishing a minor bullish pullback following the completion of an ABCD pattern. This means that bears can use trend continuation strategies to sell at the top of the pullback.
For the time being, the strong bullish bias in the short term is likely to drive the pullback higher. This can be inferred from the MACD indicator and the fact that the price action is consolidating above the 50-day MA in green.
However, a reversal is likely to take place from the 23.6 per cent Fibonacci retracement level, which is about to be crossed by the 100-day MA (in blue).
If not, then the second likely reversal point is underpinned by the 38.2 per cent Fibonacci, which is about to be crossed by the 200-day MA (in orange).
For the time being, the strong bullish bias in the short term is likely to drive the pullback higher. This can be inferred from the MACD indicator and the fact that the price action is consolidating above the 50-day MA in green.
However, a reversal is likely to take place from the 23.6 per cent Fibonacci retracement level, which is about to be crossed by the 100-day MA (in blue).
If not, then the second likely reversal point is underpinned by the 38.2 per cent Fibonacci, which is about to be crossed by the 200-day MA (in orange).
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